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ISDA Fallback Protocol for Derivatives: Key Release Details

The eagerly anticipated ISDA IBOR Fallback Protocol was released on Friday, October 23, 2020. The effective date of the protocol has been set for January 25, 2021.

The following is a brief list of questions you may have. Look for more detailed information in the days to come:

Does this apply to me?

If you have derivatives, yes. Any entity may adhere to the protocol. You don’t have to be an ISDA member to adhere.

What does the protocol do?

The protocol governs what happens to a derivative when a relevant IBOR is no longer reported.

How do I adhere to the protocol?

Access the ISDA website at and go to the Protocols section. Scroll down until you see ISDA 2020 IBOR Fallbacks Protocol. On the right-hand side, there is a button for “Adhere to this Protocol,” which takes you to a sign-in screen. Once signed in, you can fill out your adherence letter.

Do I have to adhere to the protocol?

No, it’s voluntary. You can print the protocol for review by your accounting, tax and legal teams.

Is there a deadline for adherence?

Not at this time.

Is there a list of parties that have adhered?

Yes, on the ISDA website you can see all of the parties that have submitted their adherence letters. This list likely has your key derivative counterparties.

If you need help analyzing the impacts of reference rate reform on your portfolio, contact us. And stay tuned to our blog for more updates and details.

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